By Wendy Van Sickle
Columbus, Ohio, March 26 – Credit Suisse AG, London Branch priced $1.62 million of contingent coupon callable yield notes due March 29, 2022 linked to the lesser performing of the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at an annual rate of 16.25% if each fund closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
Credit Suisse may redeem the notes at par on any semiannual contingent coupon payment date.
The payout at maturity will be par unless either fund finishes below its 60% knock-in level, in which case investors will be fully exposed to any losses of the least-performing fund.
Credit Suisse Securities (USA) LLC is the agent.
| Issuer: | Credit Suisse AG, London Branch
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying funds: | SPDR S&P Biotech ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,619,000
|
| Maturity: | March 29, 2022
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| Coupon: | 16.25% per year, payable semiannually if each fund closes at or above its coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below its knock-in level, in which case full exposure to the losses of the least-performing fund
|
| Call: | At par on any semiannual contingent coupon payment date
|
| Initial prices: | $87.86 for biotech fund, $30.06 for oil fund
|
| Coupon barrier levels: | $52.716 for biotech fund, $18.036 for technology fund; 60% of initial levels
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| Knock-in levels: | $52.716 for biotech fund, $18.036 for technology fund; 60% of initial levels
|
| Pricing date: | March 22
|
| Settlement date: | March 29
|
| Agent: | Credit Suisse Securities (USA) LLC
|
| Fees: | 0%
|
| Cusip: | 22552F2S0
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